Prepare classified balance sheet

Assignment Help Financial Accounting
Reference no: EM131250989

The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2016, the end of its fiscal year: cash, $23,000; accounts receivable, $18,000; inventories, $32,000; equipment (net), $87,000; accounts payable, $21,000; wages payable, $8,500; interest payable, $4,500; note payable (due in 18 months), $37,000; common stock, $64,000. Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $150,000. (Amounts to be deducted should be indicated by a minus sign.)

Reference no: EM131250989

Questions Cloud

Claculate the cost of ending work in process : At the start of November, Penco Refinery had work in process inventory consisting of 4,000 units that were 90 percent complete with respect to materials and 50 percent complete with respect to conversion costs. Calculate the cost per equivalent unit ..
Current liability even though only two-thirds will be earned : You have been asked to review the December 31, 2016, balance sheet for Champion Cleaning. After completing your review, you list the following three items for discussion with your superior: Deferred revenue of $105,000 is included as a current liabil..
What is the breakdown point in units and in sales dollars : Scott Confectionery sells its Stack-0-Choc candy bar for $0.80. The variable cost per unit for the candy bar is $0.45; total fixed costs are $175,000. What is the contribution margin per unit for the Stack -O- Choc candy bar? What is the contribution..
Variable cost per unit and total fixed cost : Falcon Company produces and sells a single product. The company would like to project its net operating income (NOI) for the coming year assuming an increase in unit sales but with price, variable cost per unit, and total fixed cost remaining the sam..
Prepare classified balance sheet : The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2016, the end of its fiscal year: cash, $23,000; accounts receivable, $18,000; inventories, $32,000; equipment (net), $87,000; accounts payable, $21,00..
What will be impact on the operating leverage of a firm : What will be impact on the operating leverage of a firm, if it proceeds for additional borrowings - Incremental cash flows in relation to capital budgeting decisions
Calculate total current assets and total current liabilities : The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2016, the end of its fiscal year: cash, $27,000; accounts receivable, $22,000; inventories, $36,000;  Calculate total current assets and total current ..
Write a paragraph in which analyze the extended metaphor : Write a paragraph in which analyze the extended metaphor
After thorough survey of audio system markets : Bell Company, a manufacturer of audio systems, started its production in October 2014. For the preceding 3 years, Bell had been a retailer of audio systems. Assuming that Bell manufactures, on average, 1,500 audio systems per month, enter each cost i..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare adjusting entries required of financial statements

For each of the followig separate cases prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2013.

  Four criteria for a lease

the four criteria for a lease to be considered a capital lease

  Company declared a cash dividend

Survivor Company was formed on January 1, 2010 by selling and issuing 20,000 shares of common stock at $15 per share. On December 1, 2010, the company declared a cash dividend of $10,000 which will be paid in cash on January 15, 2011.

  Prepare a trial balance on april 30

Prepare a trial balance on April 30, 2008 and Tot. trial balance $8,254 - Merchandise Accounting

  Explain the steps involved in the valuation process

With examples, explain the steps involved in the valuation process. Which steps will likely be the most difficult and most subjective?

  Computation of cash balance at the end using given datause

computation of cash balance at the end using given data.use the following information to calculate the change in the

  Company manufactures and sells a pesticide

Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2017.

  Determine the minimum transfer price

Evaluate the effect on Rapid Industries' operating profit if the transfer is made internally? Consider the 50,000 units Austin requires are either purchased 100% internally or 100% externally.

  General ledger account since the acquisition

A company has notes receivable, classified as non-current, that has a fair value of $920,000 at 12/31/14 and an acquisition cost of $710,000. Management decided at the acquisition date, to use the fair value option for this recently-acquired receivab..

  Prepare comparative balance sheets and income statements

Why is Bike Company likely to prefer this method for tax purpose and usefulness of the installment method for a credit analyst in using both the balance sheet and income statement.

  How should ken have recorded each of the four events

Work in Process Inventory 25,000 Cash 25,000(This is for materials put into process and manufacturing Overhead 12,000 Cash 12,000(This is for bonuses paid to salespeople.

  Beginning cash balance-cash payments-minimum cash balance

Assume the following information for the month of August. June sales = $40,000; July sales = $65,000; August sales = $52,850. All sales are on account and are collected as follows: 20% in the current month, 50% in the month following, 25% in the seco..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd